Who they apply to
The standards apply to all systemically important FMIs, including payment systems.

Disclosure and assessment
To facilitate implementation and promote ongoing observance of the PFMI, CPSS-IOSCO also issued the PFMI: disclosure framework and assessment methodology.

In line with their recommendation, as well as the requirements of Regulation HH,² CLS publishes a PFMI Disclosure which is updated, at a minimum, every two years, or following material changes to our operations. The disclosure describes our approach to observing applicable principles during daily operations as a payments system in alignment with the expectations and requirements of our regulators.